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Blockchain Charity Takes Center Stage at World Investment Forum 2018

The World Investment Forum 2018 which is staged annually by the UN Conference on Trade and Development (UNCTAD) was dominated by blockchain this year.

This year’s main event was entitled “Blockchains for Sustainable Development” and attracted keynote speakers who discussed the future of the technology. This year’s main speakers included Binance CEO Changpeng Zhao, TRON Founder Justin Sun, European Parliament member Eva Kaili, Bancor co-founder Galia Benartzi and UNICEF Ventures Lead Chris Fabian.

Binance CEO Changpeng Zhao announced that the company was focusing on delivering a more transparent approach to charitable donations, an area which dogged the industry for many years and had driven donors away. He spoke on UN’s sustainable development goals (SDGs) suggesting that blockchain can be the main driver towards changing entrenched practices of charitable companies:

“For the 17 SDGs, there is one underlying problem we’re trying to solve: transparency. Blockchain has many benefits but ‘transparency’ is the one word I want people to remember today. With increased transparency, charity will improve 100 times: 100x more efficient, 100x more donations and 100x more impact!”

Today at #WIF2018, @Binance CEO Changpeng Zhao @cz_binance launched a new platform that uses #blockchain technology to track donations, allowing people to see where their money goes and who benefits. “With better transparency we can achieve 100 times more results,” he said. pic.twitter.com/c3LQPWLDng

— UNCTAD (@UNCTAD) October 24, 2018

CZ, as he is affectionately referred to, has said elsewhere that blockchain predictions, similar to those about cryptocurrency, should be taken with a pinch of salt. He believes specialized ledgers will change the face of crypto space, taking over from large blockchains such as Ethereum.

Zhao argued platforms such as this using DLT is what people want to see in the future; places where donors’ money can be tracked by all parties. The new Binance platform will initially support BTC, BNB and ETH. Tron founder Justin Sun kickstarted Binance’s Charity foundation with a generous donation of USD 3 million, wanting “to donate money for good cause”. The CEO commented:

All of us here have made the decision to be leaders in shaping blockchain technology for social good. Binance Charity Foundation is taking substantial steps in that direction by increasing the transparency of donations so we can see where the goodwill of the donors is going and what impact it has.”

MEP Kaili saw hidden banking fees an area where blockchain can make some meaningful changes, arguing, “USD 130 billion of hidden fees are now the reality for the banking sector and any transaction you do. The potential to reduce that is huge. And blockchain could be one of the solutions.”

 

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Binance CEO Speaks out on Blockchain’s Future and Why Dapps Are on the March

Binance CEO Changpeng Zhao has expressed his feelings regarding the future of blockchain in a recent interview with Fortune, expressing hope for its future.

CZ, as he is affectionally referred to, indicated that blockchain predictions, similar to those about cryptocurrency, should be taken with a pinch of salt. He sees specialized ledgers will change the face of crypto space, taking over from large blockchains such as Ethereum. Somethin already noted by some investors due to its somewhat tardy transaction speed.

Such startups as EOS, DFINITY and Tezos, reportedly described by some in the industry as “Ethereum Killers” are reputed to offer the same functionality but with greater efficiency, somewhat posing a threat to Ethereum’s dominance as a go-to cryptocurrency.

The Binance boss feels that such specialized blockchains could replace Ethereum over time with more specific tailor-made usage. He suggested that decentralized applications (Dapps) are the next big thing and that he enjoyed the opportunity to work with some these new decentralized projects seeing it as very much the future direction of the crypto industry.

Of course, he isn’t the first to have suggested this. According to Zerion founder, Evgeny Yuttaev, cryptocurrencies are still more speculative than used for practical utilitarian purposes, suggesting there is a lack of use cases for digital currencies in 2108.

He suggests that most ICOs seem to be in search of the next Bitcoin or Ethereum in search of massive profits, but what is really needed is projects which can change peoples lives, and for this to happen, Dapps need to become mainstream. Currently, there are 1,565 Dapps built on the Ethereum blockchain alone, unsurprising given Ethereum’s historical place in the development of blockchain solutions.

Such a view is in contrast with those of Ethereum founder Vitalik Buterin who feels that Dapps which pose a challenge to Ethereum consistently fail, although such a view is hardly surprising given where the network originated from – a smart contract exploit.

 

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Yahoo! Japan to Launch Crypto Exchange

Yahoo! Japan has acquired 40% of the already well-established local exchange BitARG, hoping to open a full-scale exchange operation within 12 months.

All set to roll out in April 2019, the new exchange will be built upon the BitARG system. Yahoo! Japan is set to make additional purchases in BitARG, which will register with the Financial Service Agency (FSA), early 2019.

Yahoo! Japan made the purchase through Tokyo’s YJFX, a foreign exchange transaction subsidiary that operates foreign exchange transactions services. Its cost has been reported to be JPY 2 billion (USD 19 million) for a 40% stake in BitARG. Newly-issued stock has been purchased to cover any outstanding shares.

YJFX has already planned the next stage of this business execution, sending executives and engineers to be dispatched to BitARG, where they will look in depth into the systems and administration over the next 12 months till the official platform is launched.

A statement published by the FSA on Friday suggested Binance was being held under the microscope and was about to receive an official warning, given its lack of registration with the FSA.

Zhao Changpeng, Binance CEO stated: “No need to worry. Some negative news often turns out to be positive in the long term. Chinese have a proverb for this. New (often better) opportunities always emerge during times of change.”

This latest developmentcould give the community a clearer outlook on the future of cryptocurrency, but could as easily be the pullback before the market moves forward. The speculation is that imposing regulations could present opportunities for big conglomerates to buy in at low prices before a parabolic rise within the ecosystem.

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